arXiv subjects

Panagiotis Chatzigiannis

Publications and source records attributed to Panagiotis Chatzigiannis.

7 recordsLinked to original sources

arXiv2026

SoK: Stablecoins in the Quantum Era

Stablecoins support payments, trading, collateral, and cross-chain settlement across the digital-asset ecosystem. They also concentrate value behind issuer, custody, upgrade, oracle, and bridge keys while inheriting the quantum vulnerabilities of host-chain accounts, consensus, rollups, and privacy systems. This paper presents a Systematization of Knowledge (SoK) on post-quantum stablecoins. We develop a stablecoin-specific threat model, map cryptographic dependencies to monetary control surfaces, and classify migration choices along three dimensions: who can authorize a change, where the change must occur, and whether it is hybrid, post-quantum native, or an encapsulation of a classical component. We emphasize an authority-liability gap: the party able to migrate a component is often different from the holders, exchanges, protocols, or issuers that bear the loss if it fails. We review the relevant cryptographic primitives, but distinguish general blockchain failures from their stablecoin-specific effects. We also examine recent blockchain and issuer-controlled interoperability proposals, and relate migration choices to redemption, continuity, and intervention requirements under current stablecoin regulation. Our findings identify open problems in aggregate and threshold authorization, operation-specific security levels and costs, dormant and wrapped supply, private and compliance-enabled transfers, and measurement of quantum-vulnerable stablecoin exposure.

cs.CR↗

arXiv2025

DTL: Data Tumbling Layer. A Composable Unlinkability for Smart Contracts

We propose Data Tumbling Layer (DTL), a cryptographic scheme for non-interactive data tumbling. The core concept is to enable users to commit to specific data and subsequently re-use to the encrypted version of these data across different applications while removing the link to the previous data commit action. We define the following security and privacy notions for DTL: (i) no one-more redemption: a malicious user cannot redeem and use the same data more than the number of times they have committed the data; (ii) theft prevention: a malicious user cannot use data that has not been committed by them; (iii) non-slanderabilty: a malicious user cannot prevent an honest user from using their previously committed data; and (iv) unlinkability: a malicious user cannot link tainted data from an honest user to the corresponding data after it has been tumbled. To showcase the practicality of DTL, we use DTL to realize applications for (a) unlinkable fixed-amount payments; (b) unlinkable and confidential payments for variable amounts; (c) unlinkable weighted voting protocol. Finally, we implemented and evaluated all the proposed applications. For the unlinkable and confidential payment application, a user can initiate such a transaction in less than $1.5$s on a personal laptop. In terms of on-chain verification, the gas cost is less than $1.8$ million.

cs.CR↗

arXiv2025

Lite-PoT: Practical Powers-of-Tau Setup Ceremony

Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARK) schemes have gained significant adoption in privacy-preserving applications, decentralized systems (e.g., blockchain), and verifiable computation due to their efficiency. However, the most efficient zk-SNARKs often rely on a one-time trusted setup to generate a public parameter, often known as the ``Powers of Tau" (PoT) string. The leakage of the secret parameter, $τ$, in the string would allow attackers to generate false proofs, compromising the soundness of all zk-SNARK systems built on it. Prior proposals for decentralized setup ceremonies have utilized blockchain-based smart contracts to allow any party to contribute randomness to $τ$ while also preventing censorship of contributions. For a PoT string of $d$-degree generated by the randomness of $m$ contributors, these solutions required a total of $O(md)$ on-chain operations (i.e., in terms of both storage and cryptographic operations). These operations primarily consisted of costly group operations, particularly scalar multiplication on pairing curves, which discouraged participation and limited the impact of decentralization In this work, we present Lite-PoT, which includes two key protocols designed to reduce participation costs: \emph{(i)} a fraud-proof protocol to reduce the number of expensive on-chain cryptographic group operations to $O(1)$ per contributor. Our experimental results show that (with one transaction per update) our protocol enables decentralized ceremonies for PoT strings up to a $2^{15}$ degree, an $\approx 16x$ improvement over existing on-chain solutions; \emph{(ii)} a proof aggregation technique that batches $m$ randomness contributions into one on-chain update with only $O(d)$ on-chain operations, independent of $m$. This significantly reduces the monetary cost of on-chain updates by $m$-fold via amortization.

cs.CR↗

arXiv2023

Privacy-Preserving Financial Anomaly Detection via Federated Learning & Multi-Party Computation

One of the main goals of financial institutions (FIs) today is combating fraud and financial crime. To this end, FIs use sophisticated machine-learning models trained using data collected from their customers. The output of machine learning models may be manually reviewed for critical use cases, e.g., determining the likelihood of a transaction being anomalous and the subsequent course of action. While advanced machine learning models greatly aid an FI in anomaly detection, model performance could be significantly improved using additional customer data from other FIs. In practice, however, an FI may not have appropriate consent from customers to share their data with other FIs. Additionally, data privacy regulations may prohibit FIs from sharing clients' sensitive data in certain geographies. Combining customer data to jointly train highly accurate anomaly detection models is therefore challenging for FIs in operational settings. In this paper, we describe a privacy-preserving framework that allows FIs to jointly train highly accurate anomaly detection models. The framework combines the concept of federated learning with efficient multi-party computation and noisy aggregates inspired by differential privacy. The presented framework was submitted as a winning entry to the financial crime detection track of the US/UK PETs Challenge. The challenge considered an architecture where banks hold customer data and execute transactions through a central network. We show that our solution enables the network to train a highly accurate anomaly detection model while preserving privacy of customer data. Experimental results demonstrate that use of additional customer data using the proposed approach results in improvement of our anomaly detection model's AUPRC from 0.6 to 0.7. We discuss how our framework, can be generalized to other similar scenarios.

cs.CR↗

arXiv2023

Privacy-Enhancing Technologies for Financial Data Sharing

Today, financial institutions (FIs) store and share consumers' financial data for various reasons such as offering loans, processing payments, and protecting against fraud and financial crime. Such sharing of sensitive data have been subject to data breaches in the past decade. While some regulations (e.g., GDPR, FCRA, and CCPA) help to prevent institutions from freely sharing clients' sensitive information, some regulations (e.g., BSA 1970) require FIs to share certain financial data with government agencies to combat financial crime. This creates an inherent tension between the privacy and the integrity of financial transactions. In the past decade, significant progress has been made in building efficient privacy-enhancing technologies that allow computer systems and networks to validate encrypted data automatically. In this paper, we investigate some of these technologies to identify the benefits and limitations of each, in particular, for use in data sharing among FIs. As a case study, we look into the emerging area of Central Bank Digital Currencies (CBDCs) and how privacy-enhancing technologies can be integrated into the CBDC architecture. Our study, however, is not limited to CBDCs and can be applied to other financial scenarios with tokenized bank deposits such as cross-border payments, real-time settlements, and card payments.

cs.CR↗

arXiv2022

Diversification Across Mining Pools: Optimal Mining Strategies under PoW

Mining is a central operation of all proof-of-work (PoW) based cryptocurrencies. The vast majority of miners today participate in "mining pools" instead of "solo mining" in order to lower risk and achieve a more steady income. However, this rise of participation in mining pools negatively affects the decentralization levels of most cryptocurrencies. In this work, we look into mining pools from the point of view of a miner: We present an analytical model and implement a computational tool that allows miners to optimally distribute their computational power over multiple pools and PoW cryptocurrencies (i.e. build a mining portfolio), taking into account their risk aversion levels. Our tool allows miners to maximize their risk-adjusted earnings by diversifying across multiple mining pools which enhances PoW decentralization. Finally, we run an experiment in Bitcoin historical data and demonstrate that a miner diversifying over multiple pools, as instructed by our model/tool, receives a higher overall Sharpe ratio (i.e. average excess reward over its standard deviation/volatility).

cs.CE↗

arXiv2021

Black-Box IoT: Authentication and Distributed Storage of IoT Data from Constrained Sensors

We propose Black-Box IoT (BBox-IoT), a new ultra-lightweight black-box system for authenticating and storing IoT data. BBox-IoT is tailored for deployment on IoT devices (including low-Size Weight and Power sensors) which are extremely constrained in terms of computation, storage, and power. By utilizing core Blockchain principles, we ensure that the collected data is immutable and tamper-proof while preserving data provenance and non-repudiation. To realize BBox-IoT, we designed and implemented a novel chain-based hash signature scheme which only requires hashing operations and removes all synchronicity dependencies between signer and verifier. Our approach enables low-SWaP devices to authenticate removing reliance on clock synchronization. Our evaluation results show that BBox-IoT is practical in Industrial Internet of Things (IIoT) environments: even devices equipped with 16MHz micro-controllers and 2KB memory can broadcast their collected data without requiring heavy cryptographic operations or synchronicity assumptions. Finally, when compared to industry standard ECDSA, our approach is two and three orders of magnitude faster for signing and verification operations respectively. Thus, we are able to increase the total number of signing operations by more than 5000% for the same amount of power.

cs.CR↗